Q2 · United States Fiscal Quarter

FM4–FM6 · January 2027 – March 2027

What Q2 means in the United States fiscal year

Q2 is the first reforecast window. Variance from the year-end budget becomes statistically meaningful, mid-year reviews are scheduled at the close of FM6, and most finance teams produce a second formal forecast that becomes the operating baseline for the back half of the fiscal year.

For more on quarter conventions across non-calendar fiscal years see our fiscal quarter conventions guide; for year-end timing see closing the books.

Quarter at a glance

Fiscal month	Calendar month	Days	Holidays	Open
FM4	January 2027	31	2	Monthly →
FM5	February 2027	28	1	Monthly →
FM6	March 2027	31	—	Monthly →

Operational checklist for Q2

Use this quarterly view to plan close milestones, board meetings, and reforecast deliverables. Lock the close calendar at the start of the quarter and circulate it to every function that posts journal entries. Identify the holidays in each fiscal month above and adjust accrual cutoffs accordingly so the books close cleanly without manual back-dating. See the budget cycle vs fiscal year guide for how this quarter typically intersects with the upcoming-year planning calendar.

Other quarters